Bitcoin Short-Term Holder Metrics Suggest Potential Upside Before $137K Profit-Taking Threshold

Key Points

1. Bitcoin’s short-term holder Net Unrealized Profit/Loss (STH NUPL) is at 13%, below the 25% threshold, suggesting room for price appreciation before profit-taking.

2. Bitcoin supply held by first-time buyers increased by 2.86% in two weeks, indicating fresh capital entering the market.

3. Bitcoin balances on exchanges have declined to 14.5%, reflecting reduced available supply and ongoing accumulation.

4. For STH NUPL to reach the 25% threshold, Bitcoin's price would need to surpass approximately $137,000, a key level for potential profit-taking.

5. Trading volumes remain robust at $191.1 billion, and Bitcoin's circulating supply is nearing its maximum cap at 19.89 million coins, intensifying scarcity.